Wall Street jumps sharply, Dow Jones advances 401 points, U.S. dollar dives

view original post

NEW YORK, New York – U.S. stocks rose sharply on Friday, while the U.S. dollar nose-dived.

The October nonfarm payrolls report Friday was seen positively and negatively by various sectors of the market. 261,000 jobs were added during the month,m a positive sign, however unemployed swelled to 3.7 percent.

“You see kind of a tale of two cities today,” Anthony Saglimbene, chief market strategist at Ameriprise Financial told CNBC Friday. “I don’t think the market quite knows how to gauge this employment number versus what the Fed signaled on Wednesday.”

The Dow Jones Industrial Average advanced 401.97 points, or 1.26 percent, to 32,403.22.

The Standard and Poor’s 500 rose 50.66 points, or 1.36 percent, to 3,770.55.

The Nasdaq Composite increased 132.31 points, 1.28 percent, to f10,475.25.

The U.S. dollar was sold off sharply, for no apparent reason, after making heady gains on the back of a 75 basis points rate hike and an aggressive tone from the Fed after their regular monthly meeting earlier this week.

The euro zoomed up to 0.9959 by the New York close Friday. The British pound advanced to 1.1376. The Japanese yen rose to 146.68. The Swiss franc gained to 0.9938.

The Canadian dollar was sharply higher at 1.3487. The Australian dollar rallied to 0.6462. The New Zealand dollar jumped to 0.5931.

On overseas equity markets, the FTSE 100 in London added 2.03 percent. The German Dax was up 2.51 percent. The Paris-based CAC 40 climbed a hefty 2.77 percent.

The Hang Seng index in Hong Kong soared 821.56 points or 5.36 percent to 16,161.14.

Earlier, China’s Shanghai Composite closed with a 72.99 points or 2.43 percent gain to 3,070.80.

The Australian All Ordinaries advanced 35.70 points or 0.55 to 7,089.30.

Across the Tasman, the S&P/NZX 50 climbed 46.45 points or 0.42 percent to 11,230.75.

South Korea’s Kospi Composite increased 15.28 points or 0.66 percent to 2,344.45.

Sitting out the euphoria, Tokyo’s Nikkei 225 declined 463.65 points or 1.68 percent to 27,199.74.